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If this car were a 2002 german car, I might be inclined to agree with you that it's time to replace it. But a 2007 Mazda has many years of inexpensive life left. You say that you think you can get another 3 years out of it, which is basically the magic number for new cars. They lose half of their value in the first 3 years. So if you buy a $25,000 new car, you are essentially paying $12,500 (+tax on $25k if you buy or on $12.5k if you lease) for three years to avoid repairs on your current car. I guarantee you that you will not need repairs anywhere near that amount on your current car.
If you were looking at, say, a 2012 car that has already lost half of its value, it might be a different proposition.
But let's face it, you're not actually worried about the cost. Financially, it's MUCH worse to buy new than to keep your current car. But you know that, and it's totally ok. I typically trade up every 5 years or so because I DO want to keep up with the joneses, and I freely admit that to myself. Heck, the sales tax alone on the new car will roughly equal or exceed your current repair bill, and then the extreme depreciation begins. You will definitely encounter more frequent visits to the mechanic with your current car. The bills won't come close to a new car payment, but the annoyance of going there more often could bug you.
So you were offered $3500-$4000 trade in for a 2007 Mazda 3 w/97K miles? Is that "real money", meaning if you pay list price for the new car, or are you also getting a good deal on the new car?
Also, you'd be trading in a car to lease a car? How does that work, exactly? I always read that that was very tricky, & harder to figure the $#'s. You could sell it on CL, & do the lease deal separately.
I do agree with the part about getting rid of the 2007 Mazda 3 w/97K miles (others won't). You didn't say what the lease deals were tho......(Hope I haven't added any of my own "feelings or sentiments" to annoy)........
No, no, your thoughts are appreciated. I just wanted to hear a data-driven argument that would potentially change my mind about how I'm feeling about this potential purchase. If someone could show me significant cost savings in maintaining the old car, then I would strongly reconsider my leaning towards the new car.
As for the lease, I talked to a dealer at lunch and got them down to about $231/mo (36 month lease) for a fully loaded Mazda 3 S Grand Touring. I may go back and inquire about mid-level CX5 though, because I'd really like that AWD here in Colorado.
No, no, your thoughts are appreciated. I just wanted to hear a data-driven argument that would potentially change my mind about how I'm feeling about this potential purchase. If someone could show me significant cost savings in maintaining the old car, then I would strongly reconsider my leaning towards the new car.
As for the lease, I talked to a dealer at lunch and got them down to about $231/mo (36 month lease) for a fully loaded Mazda 3 S Grand Touring. I may go back and inquire about mid-level CX5 though, because I'd really like that AWD here in Colorado.
Why can't you work the numbers yourself?
Only you know the specifics of your budget, your vehicle's condition, specific offers, and other factors that only pertains to your situation (baby on the way, buying a house in a year, new car smell, etc)
Why can't you work the numbers yourself?
Only you know the specifics of your budget, your vehicle's condition, specific offers, and other factors that only pertains to your situation (baby on the way, buying a house in a year, etc)
He doesn't want to run the numbers himself because he doesn't want to see the result. He wants to pay $8,316 (+tax/tags?) over the next 36 months so that he is not driving a 2007, even though there is zero chance that he will pay $8,316 in repairs to his current car in that amount of time.
But I'm not disagreeing with the OP- if you want it, buy it. Just don't think that you are saving any money in doing so.
Why can't you work the numbers yourself?
Only you know the specifics of your budget, your vehicle's condition, specific offers, and other factors that only pertains to your situation (baby on the way, buying a house in a year, etc)
I have worked them out for myself. I have the budget for a new car. I just wanted to see other opinions outside my own head. I think it's helpful to get other's opinions, because you may not have thought about something a certain way. And I did get some good opinions on here that I have considered in my decision making process.
He doesn't want to run the numbers himself because he doesn't want to see the result. He wants to pay $8,316 (+tax/tags?) over the next 36 months so that he is not driving a 2007, even though there is zero chance that he will pay $8,316 in repairs to his current car in that amount of time.
But I'm not disagreeing with the OP- if you want it, buy it. Just don't think that you are saving any money in doing so.
You don't have to be indignant or condescending. I was just asking for friendly advice.
]I have worked them out for myself.[/b] I have the budget for a new car. I just wanted to see other opinions outside my own head. I think it's helpful to get other's opinions, because you may not have thought about something a certain way. And I did get some good opinions on here that I have considered in my decision making process.
Post your estimated Total Cost of Ownership between the two cars.
You don't have to be indignant or condescending. I was just asking for friendly advice.
I'm confused by this post, because in all my posts in this thread I've clearly said that I support your purchase since it looks like you want to buy the car.
But it's weird that you say "If someone could show me significant cost savings in maintaining the old car, then I would strongly reconsider my leaning towards the new car." We both know that your statement isn't true, because I'm sure you realize the significant cost savings in maintaining the old car and don't need someone else to work it out on a spreadsheet for you. And we both know that you are buying the new car even though it will cost you significantly more than keeping your current car.
And again, that's perfectly ok. But I just don't understand why you are trying to get us to run the numbers for you over and over again when your mind is already made up.
I'm confused by this post, because in all my posts in this thread I've clearly said that I support your purchase since it looks like you want to buy the car.
But it's weird that you say "If someone could show me significant cost savings in maintaining the old car, then I would strongly reconsider my leaning towards the new car." We both know that your statement isn't true, because I'm sure you realize the significant cost savings in maintaining the old car and don't need someone else to work it out on a spreadsheet for you. And we both know that you are buying the new car even though it will cost you significantly more than keeping your current car.
And again, that's perfectly ok. But I just don't understand why you are trying to get us to run the numbers for you over and over again when your mind is already made up.
What I'm trying to get at is if it's really a cost savings for me to not upgrade to a newer car. Let's forget about the bells and whistles for a second and focus on the dollars and sense.
At least if I trade in my car now, I get some value back for it. If I drive it until it dies, I get nothing in return. In the meantime, I still need to set money aside for a new car for my down payment (since I won't have a trade in credit) and I have to set money aside for repairs on the old car. So am I really saving money at this point? Or am I just stalling the inevitable?
So I just got insurance quotes on the new cars and it's going to be about a $2 difference per month maximum.
We don't have property tax on cars in CO to my knowledge. At least, I've never paid any to my knowledge. Registration will more than likely go up, because that's based on the value of the car. But that's a one-time fee, so it's not my biggest concern.
My biggest concern is dumping money into a depreciating asset that was more or less a starter car after I graduated from college.
Just understand that you've already suffered the lions share of the depreciation, and if you buy new you get hit with the same amount of depreciation and fees in the first year s you'll get for trade in. Take a look at this if you're concerned with a depreciating asset: 2015 Mazda 3 i Grand Touring: True Cost to Own | Edmunds
Quote:
Originally Posted by Mr. Analyst
I would kind of like something a little fancier, not going to lie. Especially if I'm putting money into it. I just always feel guilty about spending money on new, nice things.
There is nothing wrong with that, but your guilt is your hangup. If you can afford it, and think its what you want, go for it.
Quote:
Originally Posted by Mr. Analyst
No, no, your thoughts are appreciated. I just wanted to hear a data-driven argument that would potentially change my mind about how I'm feeling about this potential purchase. If someone could show me significant cost savings in maintaining the old car, then I would strongly reconsider my leaning towards the new car.
As for the lease, I talked to a dealer at lunch and got them down to about $231/mo (36 month lease) for a fully loaded Mazda 3 S Grand Touring. I may go back and inquire about mid-level CX5 though, because I'd really like that AWD here in Colorado.
Leasing is rarely wise.
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